Anti-Money Laundering services and Combating the Financing of Terrorism (“AML/CFT”) enactment implies serious diligence to be met by reporting entities. Governments worldwide have been working on making the Compliance laws stricter to stop illegal financing through ML.
An association’s AML/CFT controls can be easily sabotaged by a helpless culture of inconsistency. Solid AML compliance in an organisation can help forestall weaknesses and help distinguish issues before them becoming a major problem.
In September 2018, UAE introduced Federal Decree-law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and related Regulations were issued under the Cabinet Decision No. 10 of 2019 in February 2019 which requires, followings are liable to register for on goAML platform:
- Financial Institutions, like banks, exchange houses, Insurance Companies, Finance Houses, entities involved in finance lease, companies providing credit facilities of all types etc.
- As per Article 3 of the Cabinet Decision 10 of 2019, the following trade and business activities are considered to fall under the purview of Designated Non-Financial Businesses and Professions (DNFBPs):
- Brokers and real estate agents
- Dealers in precious metals and precious stones
- Lawyers, notaries, and other independent legal professionals Auditors and Accountants
- Business Service Providers
Compliance
Designing and Implementing Policies & Procedures
1. Set Minimum Standards by conducting gap assessment of AML Policies and Procedures to identify possible risk and regulatory compliance exposure
2. Design compliance strategy, infrastructure and risk models to ensure adherence to regulatory requirements and international best practice
3. Implement Procedures by establishing controls that need to be in place to ensure successful policy roll out and provide ongoing assurance
Anti Bribery and Corruption Compliance Reviews
1.Foreign Corrupt Practices Act (FCPA) compliance
2.UK Bribery Act compliance
3.Office of Foreign Assets Control (OFAC) consulting
4.Third-Party Due Diligence
5.Anti-Bribery Monitoring
Screening and Transaction Monitoring
1.Develop Transaction Monitoring Control and Governance Framework
2.Develop an effective transaction monitoring scenario tuning methodology
3.Conduct a gap analysis of the red flags generated through transaction monitoring
4.Assurance of the existing Transaction Monitoring System and the End to End process
5.Production of consistent MI for setting efficiency thresholds
Technology Implementation
1.Assessing BSA/AML/OFAC Technology and Controls
2.Developing business requirements for AML related technology
3.AML and Sanctions Technology Implementation Assistance
AML Training & Quality Assurance
1.Developing and Implementing BSA/AML/OFAC Compliance Quality Assurance Procedures
2.Developing and Delivering Customized BSA/AML/OFAC Training
3.Delivering specialized AML training highlighting local regulations, practical implications & global regulatory trends
Our Relevant Experience and AML Subject Matter Expertise
- There is a dearth of AML Specialists worldwide. It is a niche technical subject that requires relevant experience and qualification. AKW has a specialist team of consultants which includes ex-bankers and consultants with relevant AML Compliance experience and ACAMS qualification and have worked on multiple engagements involving development of AML Policies & Procedures for Financial Institutions and DNFBPs, KYC Remediation for UAE Tier 1 banks and Real Estate Companies, Compliance Monitoring and Testing for large banks in Kuwait and Bahrain, setting up CDD Utility and Transaction Monitoring and Sanctions Review team for a multinational bank and providing outsourced Compliance Officer Role for DNFBPs to meet the UAE AML requirements as per Section 8 Article (21) of the Cabinet Decision No.10.
About Faisal Ahmed
- AKW Consultants Group is led by Mr. Faisal Ahmed, Managing Partner & CEO, a qualified Chartered Accountant with 21 years of Big4 Advisory experience working for 6+ years with KPMG, 8+ years with PwC London, 3+ years with HSBC Middle East & London Office as the Global Head of Client Due Diligence in AML Compliance Function for Global Banking and Markets.
- Mr. Faisal Ahmed from AKW has been leading consulting practice around AML, Compliance, Audit and Taxation practice in the Middle East since 2015.
- Prior to his consulting firm, he served for 3+ years as a Senior Director with HSBC where he advanced the Client Due Diligence (CDD) function and headed up AML Policy Implementation, CDD & KYC Training, KYC Client Adoption, Target Operating Model, Strategy & Change, Global KYC Book of Work Management, & Client Management Due Diligence Departments.
- Mr. Faisal Ahmed specialises in Anti-Money Laundering & Counter Terrorist Financing field and has been an industry leader advising many international and local Financial Institutions on the AML Compliance subject
- He led the Global AML Standards design and development programme for HSBC and subsequently has worked on many AML engagements for Banks across the GCC Region.
- In addition to AML Advisory, Mr. Faisal Ahmed specialises in Financial Crime Compliance, Customer Due Diligence, KYC Operations, Anti-Bribery and Corruption, International Taxation and UAE VAT, implementation of Process Improvement, HR & People and Change Management.
- He is recognised as a Subject Matter Expert on AML and Fraud matters and is an Expert Trainer in these areas.
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